Baker McKenzie (Gaikokuho Joint Enterprise) advised Chubu Electric Power Co., Inc. ("CEPCO") and Mitsubishi UFJ Lease & Finance Co. Ltd. ("MUL") on their acquisition of a 49% interest in two Mitsubishi Corporation subsidiaries that, together with TenneT Holding B.V. - the Dutch national power transmission operator - will operate and maintain four submarine power transmission, which connect offshore wind power plants and onshore facilities in Germany.
This will be the first overseas power transmission transaction between CEPCO and MUL.
Offshore wind power is a renewable energy source which reduces air pollution and greenhouse gas emissions. Offshore locations offer much stronger winds than land-based locations, driving rapidly increasing demand for offshore power transmission.
The Firm's team was led by Anne Hung, head of the Tokyo office's Major Projects: Energy, Mining & Infrastructure Practice Group, Of Counsel Samir Desai and Berlin office partners Dr Tim Heitling and
Dr Thomas Doermer, with strong support from associates Kosuke Yatabe and Hojung Jun. Ms. Hung said: "We're very honoured to have been able to support CEPCO and MUL in a project which offers such meaningful benefits for the global environment."
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Mr. Heitling also commented: "We are very pleased having advised CEPCO and MUL on this strategic investment in the German energy sector. Offshore power transmission systems are highly regulated assets which are key for the German energy turnaround and require significant investments".